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Dec 3, 2012
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obama for america is using its campaign e-mail list to put pressure on lawmakers to extend the bush tax cuts for the middle class. the latest from stephanie cutter includes a two-minute video reminding voters that the president campaign and won on that same platform. >> obama: we need to give tax relief to working families trying to raise their kids to keep them healthy send them to college, keep a roof over their heads. that's the choice in this election. >> the administration is still asking you to send in stories about what being able to keep about $2,000 more a year means to you and your family. the president is planning to meet with state governors this week and the business roundtable, a big business lobbying group. this morning fiscal cliff negotiations appear to be at a stand still. treasury secretary tim geithner says the president's offer is unwavering. we're going to let tax rates go up for top earners and republicans will have to work with that reality. >> there is no responsible way we can govern this country with those low rates in place for future generations. those rates
obama for america is using its campaign e-mail list to put pressure on lawmakers to extend the bush tax cuts for the middle class. the latest from stephanie cutter includes a two-minute video reminding voters that the president campaign and won on that same platform. >> obama: we need to give tax relief to working families trying to raise their kids to keep them healthy send them to college, keep a roof over their heads. that's the choice in this election. >> the administration is...
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Dec 5, 2012
12/12
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well, 28 days to go until tax cuts expire for most americans if president obama and congress can't cut a deal to keep us from going off the fiscal cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at stake not just for the national economy but state by state. some of their budgets could take a major hit if, in fact, the nation goes off the so-called fiscal cliff. his spokesman jay carney was even tougher in going after speaker john boehner's latest proposal in saying it simply doesn't add up. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> the
well, 28 days to go until tax cuts expire for most americans if president obama and congress can't cut a deal to keep us from going off the fiscal cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the...
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Nov 29, 2012
11/12
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so president obama is also saying that he wants to raise taxes on families earning more than $250,000, but that move would only generate about $85 billion a year. that is a drop in the bucket compared to the amount of u.s. debt. and that number is about what the federal government spends in just eight days. so if he gets what he wants everybody over 250,000 pays more it's going to cover eight and a half days of the government spending amount and some would say the government spending problem. art laugher joins me now. architect of reagan tphopl i raeug reagannomics. in washington they have a lot of work to do. the question is whether or not the tax issue, whether or not the president has flexibility on that. whether we go back to the 39% or whether it would be less than that. are you seeing any light in that discussion? >> if he's willing to negotiate about the highest rates i take that as a wonderful, wonderful sign. you know, first place, even if they raise the rates they are never going to get the money. these people know how to get around paying taxes. they hire lawyers, accountan
so president obama is also saying that he wants to raise taxes on families earning more than $250,000, but that move would only generate about $85 billion a year. that is a drop in the bucket compared to the amount of u.s. debt. and that number is about what the federal government spends in just eight days. so if he gets what he wants everybody over 250,000 pays more it's going to cover eight and a half days of the government spending amount and some would say the government spending problem....
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Dec 7, 2012
12/12
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the long-term consequences of president obama's tax policies would have a profound and negative affect. capital stock would fall. fewer jobs and lower wages resulting in higher taxes would harm the middle class. data reveals three important facts of high income earners. the taxes on the wealthy raise as much faster than on everyone else during economic booms, but they also fall much faster during economic bust. people report more income when tax rates are low and not when they are high. there are better ways to increase federal revenues than hiking tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dollars in fiscal year 2012. the deficit that would have fallen. still bad, but remark
the long-term consequences of president obama's tax policies would have a profound and negative affect. capital stock would fall. fewer jobs and lower wages resulting in higher taxes would harm the middle class. data reveals three important facts of high income earners. the taxes on the wealthy raise as much faster than on everyone else during economic booms, but they also fall much faster during economic bust. people report more income when tax rates are low and not when they are high. there...
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Nov 29, 2012
11/12
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they hope to find common ground on how to avert a series of tax increases and spending cuts scheduled to begin in january. >>> president obama will have lunch with mitt romney today the first time they meet face to face since their debate before the election. the event at the white house will be private. no aides will be present. no media will be allowed. >>> powerball ticketholders are checking their numbers twice today. >> yeah. good luck. the record-breaking jackpot $588 million. the numbers drawn last night just in case 5, 16, 22, 23, 29 and the powerball number was 6. two winning tickets sold in arizona and missouri. californians may be able to cash in though on powerball prices next year. it's not in our state but lottery officials are meeting this morning up in sacramento trying to hammer out details that would allow the golden state to join the 42 other states in the powerball drawing. california state officials say by adding powerball sales would add an additional 90 to $120 million in revenue. it cost $2 to play the game and the jackpot goes up as you can see -- >> you have
they hope to find common ground on how to avert a series of tax increases and spending cuts scheduled to begin in january. >>> president obama will have lunch with mitt romney today the first time they meet face to face since their debate before the election. the event at the white house will be private. no aides will be present. no media will be allowed. >>> powerball ticketholders are checking their numbers twice today. >> yeah. good luck. the record-breaking jackpot...
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part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not by raising tax rates. in fact, they want to lower tax rates for everyone. instead they'd raise money only by limits deductions and closing loopholes. speaker boehner says this will raise $800 billion over ten years. >> america faces a serious problem. our goal is to make sure it gets solved. >> step two, avoiding the drastic spending cuts that begin on january 1st, the so-called sequester. both sides want to find savings in medicare, but disagree about how to do it. >> we need a responsible white house. we can't sit here and negotiate with ourselves. >> and step three? the debt limit. >> i will not play that game. >> because we've
part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not by raising tax rates. in fact, they...
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Nov 29, 2012
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president obama is adamant about protecting existing income tax rates for middle income earners and raising them on the wealthy. for the president the politics of this is very simple. he he ran on that issue and against republican obstructionism and won. if republicans don't relent on his issue, other fiscal cliff matters won't be discussed in the president's campaign to end the stalemate will continue. -election pond time since winning re-election, president obama welcomed the applause of hand-picked supporters and wa his calls tolicans not to ignore is calls to protect middle class households. >> it's time for us to work on >> reportel agreed to, which is allow eep middle class tax cuts for >> tax cuts for households that earn more than $250,000 to in a expire. increase.complicity and tax rate theyease. sted.hey're not interested. >> you're not going to grow the ou raiseif you raise tax rates on the top two rates. smalll hurt small businesses. econill hurt our economy. approach.y this is not the right r: toach. anythis impasse is one of many geithnerreasury secretary tim geithner, mr. oba
president obama is adamant about protecting existing income tax rates for middle income earners and raising them on the wealthy. for the president the politics of this is very simple. he he ran on that issue and against republican obstructionism and won. if republicans don't relent on his issue, other fiscal cliff matters won't be discussed in the president's campaign to end the stalemate will continue. -election pond time since winning re-election, president obama welcomed the applause of...
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Nov 30, 2012
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strong words from republican leadership after president obama's opening bid. the president wants $1.6 trillion in new taxes, $50 billion in new stimulus spending, and expanded powers for the president to raise the federal debt limit without getting any approval from congress. a senior house gop source calls the president's plan, quote, absurd. and provides a 6-point explanation to back it up. is the economy headed for that fiscal cliff? is all of this negotiating dead in the water? let's bring in our panel. monica crowley, radio talk show host and author of monomemo.com. jewelry roginsky former political advisor to senator frank lautenberg of new jersey. both fox news contributors. you say the president is not interested in compromise at all? >> no. i have just wrote a whole book about this called, what the bleep just happened. i traced first four years of his presidency. anytime he proposed a economic proposal or physical proposal it contained the exact same elements, which is tax hikes, more spending, not less, no entitlement reform and pushing up the debt l
strong words from republican leadership after president obama's opening bid. the president wants $1.6 trillion in new taxes, $50 billion in new stimulus spending, and expanded powers for the president to raise the federal debt limit without getting any approval from congress. a senior house gop source calls the president's plan, quote, absurd. and provides a 6-point explanation to back it up. is the economy headed for that fiscal cliff? is all of this negotiating dead in the water? let's bring...
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Nov 30, 2012
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hill on thursday. $1.6 trillion in tax hikes and $50 billion in new spending. but house republicans, surprise-surprise, say democrats aren't being serious. >> the president has warned us about the dangers of going over the fiscal cliff. but his actions have not matched his public statements. members of his own party seem quite comfortable sending the economy over the fiscal cliff. >> let's bring in our friday gaggle, associate editor and columnist for the hill amy stoddard, danielle gibbs, and columnist for bloomberg view and national review and one of the funnier people on twitter and he did not pay me to say that but i will start with you. so we kind of feel like we're back to square one. should republicans having seen them lose the presidency by a wider margin than many people thought lose seats in the senate which i don't think almost anybody -- unless you're a loyal democrat thought, and lose seats, though, to keep control of the house three and a half weeks ago. should they be more willing to say let's just do a deal here and move on? we kind of lost that
hill on thursday. $1.6 trillion in tax hikes and $50 billion in new spending. but house republicans, surprise-surprise, say democrats aren't being serious. >> the president has warned us about the dangers of going over the fiscal cliff. but his actions have not matched his public statements. members of his own party seem quite comfortable sending the economy over the fiscal cliff. >> let's bring in our friday gaggle, associate editor and columnist for the hill amy stoddard, danielle...
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i know there's hand wringing out there, maybe the folks on the right say under obama our taxes have gone up and we may more in taxes than we've ever paid and attempt to say, we're not-- >> this is long-term by the president and his allies to create an intellectual justification to raise taxes and in this case, they use the reagan years and often went back to times after world 2, where we were the only big kind of big, healthy industrial economy to say look, we grew then. and again, the point is that we're in a slow growth economy, high unemployment economy, a more competitive world thanks in part to our policies of the past, we need to compete and the highest corporate tax rate in the world, what america has is not the way to be competitive. >> to make the argument we've made is to raise taxes and revenues and approach the fiscal cliff and argument from small businesses and others, if you increase our rate, we're either going to have to layoff individuals, not going to hire anybody else right now, and so, therefore, this economy that's already stalled is not going to grow at a clip. >> y
i know there's hand wringing out there, maybe the folks on the right say under obama our taxes have gone up and we may more in taxes than we've ever paid and attempt to say, we're not-- >> this is long-term by the president and his allies to create an intellectual justification to raise taxes and in this case, they use the reagan years and often went back to times after world 2, where we were the only big kind of big, healthy industrial economy to say look, we grew then. and again, the...
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as the financial times points out they endorsed president obama. this is the same kind of proposal that president obama took to congress two years ago that got zero votes. this is the exact heavy on the revenue side, $1.6 trillion on tax increases, low on spending side and then he adds $200 billion of new spending. on top of that something we've never heard of before, he wants congress to basically give up the authorization to raise the debt limit which is part of their constitutional powers and he wants a bank check. this is very unserious and the speaker is frustrated. >> heather: i would like to break that apart. president calls for $1.6 trillion in tax increases, that is double what was previously suggested. so what part of this plan along with the $600 billion in saving including medicare that suggested in the $200 billion in additional spending, what part of this plan is a balanced or bipartisan approach? >> i bet john boehner things the grand bargain was good deal last year. the chicken question is john boehner having to blink. president was
as the financial times points out they endorsed president obama. this is the same kind of proposal that president obama took to congress two years ago that got zero votes. this is the exact heavy on the revenue side, $1.6 trillion on tax increases, low on spending side and then he adds $200 billion of new spending. on top of that something we've never heard of before, he wants congress to basically give up the authorization to raise the debt limit which is part of their constitutional powers...
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Dec 3, 2012
12/12
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today, president obama wants to let the bush era tax cuts expire for wealthy americans only, taking up their marginal federal tax rate from 36% to 39.6%. we're talking about a 3.6 percentage point uptick for households making more than $250,000 a year, only on every dollar they make above the $250,000 amount. starts 2 s at $251,000. it is on the money you make on the margin. now, while i totally agree every penny counts when it comes to your money, when you compare that to the taxes most americans paid out in past decades, when there was phenomenal economic growth, i don't get why republicans are screaming bloody murder about this 3.6%. what if we were all to chip in a little more. we need taxes, we need government programs, particularly the ones that use the scale and scope of government to get better deals and greater efficiency than the private enterprise can achieve. now, despite what you're being told, taxes as they stand are not an impediment to our long-term economic growth. not getting a grip on government spending will be an impediment. the solution can be found by looking for
today, president obama wants to let the bush era tax cuts expire for wealthy americans only, taking up their marginal federal tax rate from 36% to 39.6%. we're talking about a 3.6 percentage point uptick for households making more than $250,000 a year, only on every dollar they make above the $250,000 amount. starts 2 s at $251,000. it is on the money you make on the margin. now, while i totally agree every penny counts when it comes to your money, when you compare that to the taxes most...
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Dec 5, 2012
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says he will only agree to a deal that raises tax rates on top earners. >> we are not going to simply cut our way to prosperity or cut our way out of this deficit problem. we are going to need more revenues. in order to do that that start with higher rates for the folk at the top. the reasonien, the reason i say that is not to punish success or go after folk just because they are wealthy. it's a simple proposition that you can't raise enough revenue and if you don't raise enough revenue through closing loopholes abductions, it's going to be middle class families that make up the difference. bill: john boehner will speak later this hour. we'll see how he responds to that comment. if washington can't get a deep, automatic tax increases and massive spending cuts do take effect. martha: west virginia senator joe manchin, a democrat discussing the fiscal cliff, social security within medicare. he believes they must be run more efficiently. >> last year the office of budget management says $115 billion was misspent. that's a tremendous savings right there. they are both much lower than ever
says he will only agree to a deal that raises tax rates on top earners. >> we are not going to simply cut our way to prosperity or cut our way out of this deficit problem. we are going to need more revenues. in order to do that that start with higher rates for the folk at the top. the reasonien, the reason i say that is not to punish success or go after folk just because they are wealthy. it's a simple proposition that you can't raise enough revenue and if you don't raise enough revenue...
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taxes on wealthy as we all heard. you hear much less about cutting government spending. to make matters worse, citizens sense government waste, congress, especially senate where most members are committee chairman or subcommittee chairman are inate bias against cutting government spending. this is tom schatz. >> they don't want to give up power, jurisdiction or the money. it is also a lot easier for members of congress to run back home and say i'm fixing this problem by spending money. i'm not fixing the problem by solving the problem, and providing the benefits that people need. >> reporter: cutting spending and attending to constituent needs are often very much in conflict, jenna. jenna: we heard a lot of different strategies, haven't we, doug, the ways to tackle the debt and deficit. is there any alternative that really exists besides cutting government waste and spending? >> reporter: one potential avenue they could take would be to actually fall off the fiscal cliff. that would necessarily make the difficult choi
taxes on wealthy as we all heard. you hear much less about cutting government spending. to make matters worse, citizens sense government waste, congress, especially senate where most members are committee chairman or subcommittee chairman are inate bias against cutting government spending. this is tom schatz. >> they don't want to give up power, jurisdiction or the money. it is also a lot easier for members of congress to run back home and say i'm fixing this problem by spending money....
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president obama in this latest so-called fiscal deal he is proposing much higher tax rates no spending cuts, and unlimited borrowing. i would suggest we might get the same thing here. a slower economy more unemployment. >> gretchen: moral of the story from stuart varney. we'll catch you later on today. thanks. the price of pizza and groceries going up. why you can thank obamacare for that? then they're the newest crop of zoo borns. the most exotic animals in the world are live in our studio. first on this day in 1965 "turn, turn, turn" by the birds was the number one song. i don't remember it. do you stu? n yes [ male announcer ] when was the last time something made your jaw drop? campbell's has 24 new soups that will make it drop over and over again. ♪ ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. >> gretchen: answer to the aflac question of the day alicia cusper. >> brian: they know who they are. they are considered some of the cutest exotic animals in the world and this morning we're seeing them as babies. >>
president obama in this latest so-called fiscal deal he is proposing much higher tax rates no spending cuts, and unlimited borrowing. i would suggest we might get the same thing here. a slower economy more unemployment. >> gretchen: moral of the story from stuart varney. we'll catch you later on today. thanks. the price of pizza and groceries going up. why you can thank obamacare for that? then they're the newest crop of zoo borns. the most exotic animals in the world are live in our...
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: later on today president obama will say that any deal reached in congress must include increased tax rates on the wealthiest americans. he will say that at a factory in hatfield, pennsylvania, where the company connects, makes tinker toys. that is company the white house picked for today's event because they rely on the middle class consumers who would be affected if we go off the fiscal cliff. martha. martha: that will be a major sticking point it sounds like. peter, thank you very much. bill: so what happens if your taxes or to your taxes if lawmakers don't strike a deal? the tax policy center says that 90% of the americans would see a tax hike next year in 2013. it says 121 million americans will be paying more in payroll taxes, and families making between 40 and $65,000 a year, will pay an extra $2,000 to the government. that starts in 2013. martha: some say that they're concerned that what happens in europe could also happen here down the road. look at europe's economy down the road. 11.7% unemployment. that is another record high in the month of october. breaking that down, it
: later on today president obama will say that any deal reached in congress must include increased tax rates on the wealthiest americans. he will say that at a factory in hatfield, pennsylvania, where the company connects, makes tinker toys. that is company the white house picked for today's event because they rely on the middle class consumers who would be affected if we go off the fiscal cliff. martha. martha: that will be a major sticking point it sounds like. peter, thank you very much....
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the obama plan has half from tax increases versus about 20% in the boehner plan. these are philosophical differences. boehner would cut much more. obama's view is we've cut so much from that already we have to be careful how much more we cut. >> when you talk about discretionary spending cuts, a big difference between defense cuts and domestic cuts. does it go after defense spending the way he has? >> he hasn't spelled it out yet. we don't know. r&d, a lot of investment programs we think we need to keep this economy growing. >> can i ask a question? what makes up the difference between the bowles-simpson proposals and the other ones? why is that so much higher? what are they leaving out? >> there were more tax increases. it was light on entitlements. >> okay. >> where did bowles-simpson get the revenue. >> they eliminated a whole slaw and lowering rates and also a tax on gasoline. >> they let the bush tax cuts expire, right? >> initially they did and then were going to do tax reform. >> would they increase the taxes on the rich? >> yeah. >> they would? >> yes. >>
the obama plan has half from tax increases versus about 20% in the boehner plan. these are philosophical differences. boehner would cut much more. obama's view is we've cut so much from that already we have to be careful how much more we cut. >> when you talk about discretionary spending cuts, a big difference between defense cuts and domestic cuts. does it go after defense spending the way he has? >> he hasn't spelled it out yet. we don't know. r&d, a lot of investment programs...
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rates, will republicans agree to raising tax rates on the wealthy as president obama made clear. are you willing to go over the fiscal cliff if republicans do not agree that that? >> i think if there is no agreement whatsoever, the president has probably no choice but to say, okay, we're going to go over the cliff. that would no be my first preference. my first preference is that as we get closer to the cliff, that we find an agreement that makes some sense, so we don't have to go over it. if we don't go over,'re entering very unchartered waters. who knows how the markets will react, what will happen -- i hope we don't have to go over. >> and it could hit almost every single american, which is why when people are watching this, they're so frustrated they can't do what the american people want them to do. so are you telling me that congress needs a deadline and likes to go up to the deadline, is it posturing? >> no, the world is run by deadlines, you know, it's human nature not to do when you know what you should until you get closer to that deadline. it would be better if we work
rates, will republicans agree to raising tax rates on the wealthy as president obama made clear. are you willing to go over the fiscal cliff if republicans do not agree that that? >> i think if there is no agreement whatsoever, the president has probably no choice but to say, okay, we're going to go over the cliff. that would no be my first preference. my first preference is that as we get closer to the cliff, that we find an agreement that makes some sense, so we don't have to go over...
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. >> and, jason, president obama is returning to a tactic that he's used in the past. he's taken the pitch on taxes directly to the american people in a trip to pennsylvania today. house speaker john boehner not so happy about it. let's listen for a minute -- >> listen, this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult leadership. campaign-style rallies and one-sided leaks in the press are not the way to get things done here in washington. >> well, republicans are reportedly planning their own fiscal cliff pr campaign designed to show that the democrats are simply digging in, they're being stubborn, election is over, shouldn't both sides be focused on doing the job they were elected to do. how do you see it? >> look, you're going to have a bunch of rallying on both sides and some of this is theatrics. it's christmastime. you know how you tell your kids you have to be really good or santa's not going to give you what you want but you know you will buy them the new ps-3 anyway. that's what's going on. both sides
. >> and, jason, president obama is returning to a tactic that he's used in the past. he's taken the pitch on taxes directly to the american people in a trip to pennsylvania today. house speaker john boehner not so happy about it. let's listen for a minute -- >> listen, this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult leadership. campaign-style rallies and one-sided leaks in the press are not the way to get things done...
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committed a felony on his tax returns. sunday night, she e-mailed them to reach a fiscal deal. republicans have balked at raising those tax rates. they are identified by marcus at countries job creators. >> for the first time in two decades, they are there will tell revenues go up as part is the plan. but they have to tell us what they're willing to do with revenues. it's definitely very hard for republicans. reporter: earlier you saw the meeting of four congressional leaders on november 16 at the white house. at that time, harry reid spoke of a follow-up session was to be held next week. that never helped happened and the clock ticks on. jenna: we have that clock right on our screen. just in case you forgot. jon: get ready for the baby. just into fox news, prince william and his wife, the former kate middleton, they are expecting. standing in a grocery line, looking at the tabloids, and one of them said she is pregnant. they may be onto something be till they beat the palace on this one. jon: here is the very official rea
committed a felony on his tax returns. sunday night, she e-mailed them to reach a fiscal deal. republicans have balked at raising those tax rates. they are identified by marcus at countries job creators. >> for the first time in two decades, they are there will tell revenues go up as part is the plan. but they have to tell us what they're willing to do with revenues. it's definitely very hard for republicans. reporter: earlier you saw the meeting of four congressional leaders on november...
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instead of having a 72,000 page tax code. one of the things that paul ryan signaled was interesting where he said that big government is not effective government. conservative message can be making this thing ever bigger, passing 6000 regulations with the obama administration -- maybe that does not lead to you being served better in your community. and i would like to talk you about how we can make it simpler and better for you. greg: mary katharine ham and juan williams. thank you both so much. [talking over each other] greg: i would like to put them in charge. jenna: we will see what happens next. in the meantime, we are turning to some crime headlines. a man is terrorizing a store clerk and police are on the hunt for who this guy is. plus, protests raging in egypt again today. supporters and how it may impact a political crisis there. he will dueling protests are rocking egypt. thousands of supporters taking on opponents. the opposition is taking on a sit in there. aaron david miller is a former advisor to the secretary of
instead of having a 72,000 page tax code. one of the things that paul ryan signaled was interesting where he said that big government is not effective government. conservative message can be making this thing ever bigger, passing 6000 regulations with the obama administration -- maybe that does not lead to you being served better in your community. and i would like to talk you about how we can make it simpler and better for you. greg: mary katharine ham and juan williams. thank you both so...
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Nov 30, 2012
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called the fiscal split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified cuts. the president for himself he's heading to a manufacturing plant in pennsylvania today to try to sell that idea. house speaker john boehner's reaction was essentially, get serious. so we want to talk about the numbers behind this. we're going to bring in ken rogoff, professor of economics and public policy at harvard university. you heard the specifics of the plan, $1.6 trillion in new taxes, $400 billion in unspecified cuts, $50 billion in new stimulus. how does this sound to you? >> well, it certainly sounds like a plan. and i do think we have to see some mix of higher revenues starting now and fr
called the fiscal split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified...
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Dec 6, 2012
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even if we did believe that president obama would dedicate new revenue from tax increases to help pay down the deficit -- and i don't believe that -- new revenue extracted from the top two brackets would only fund the government for about a week, a little less than a week. so that's clearly not the answer. when the president says well, we need to ask the wealthy to pay a little more, let's parse that for a second. you're not asking them to do it. if you pass the law, i.r.s. will come after you if you don't. so this is not a pleasant request. this is i.r.s. saying you have to pay more money to the united states government. and the president always likes to say a little more. well, it's not so little if your tax rate now goes up to almost 40%. if you're a small business man and you have got to pay 40% to uncle sam, you're probably not going to be able to grow your business. you might not be able to stay in business. you're certainly not going to be able to hire more people. so that's not little to them. it is little to funding the united states government. what the president says these
even if we did believe that president obama would dedicate new revenue from tax increases to help pay down the deficit -- and i don't believe that -- new revenue extracted from the top two brackets would only fund the government for about a week, a little less than a week. so that's clearly not the answer. when the president says well, we need to ask the wealthy to pay a little more, let's parse that for a second. you're not asking them to do it. if you pass the law, i.r.s. will come after you...
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Nov 30, 2012
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then examining the key tax credits aimed at families and businesses that will be impacted if congress does not move on the so-called fiscal cliff. president obama travels to pennsylvania friday to talk about his plan to avoid the so- called fiscal cliff. the event is part of the white house efforts to get public support for the president's proposal to and bush era tax cuts on incomes of two hundred $50,000 and above. -- of $250,000 and above. >> he worked his way up, went to harvard law school and then, at the urging of one of his brothers, immigrated out was to illinois to golena where the lead mining industry was in its heyday. he arrived after about a month journey by ship, by stagecoach, by train and arrived in a steamboat in this muddy mining town. he boarded himself in a log cabin, and established a law practice in a log cabin. and slowly worked his way up and became a very successful lawyer and then got involved politically, ran for congress for eight terms. and then befriended abraham lincoln, obviously from illinois, and then ulysses s. grant also from golena. as they were on
then examining the key tax credits aimed at families and businesses that will be impacted if congress does not move on the so-called fiscal cliff. president obama travels to pennsylvania friday to talk about his plan to avoid the so- called fiscal cliff. the event is part of the white house efforts to get public support for the president's proposal to and bush era tax cuts on incomes of two hundred $50,000 and above. -- of $250,000 and above. >> he worked his way up, went to harvard law...
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Dec 5, 2012
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the senate has already passed the centerpiece of president obama's offer. and his offer has always been the same. we are not going to go through the same thing we've gone through here for years where we lay out different ways to cut spending, and there's never any revenue. the president has made it very, very clear. we have already passed the president's proposal. that is to make sure that people making less than $250,000 a year are not burdened with $2,200 each after the first of the year. that passed in july. the house can take that up. there's already been -- every democrat in the house has agreed they will vote for that. we need only 25 or 26 republicans in the house to make life something that's stable for people making less than $250,000 a year. the presiding officer: the senator from arizona. mr. mccain: mr. president, could i ask my friend from maryland if he has spoken yet on the magnitsky portion of this bill? the presiding officer: the senator from maryland. mr. cardin: we have not yet gotten to the bill. i believe that we're prepared now to go t
the senate has already passed the centerpiece of president obama's offer. and his offer has always been the same. we are not going to go through the same thing we've gone through here for years where we lay out different ways to cut spending, and there's never any revenue. the president has made it very, very clear. we have already passed the president's proposal. that is to make sure that people making less than $250,000 a year are not burdened with $2,200 each after the first of the year....
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latest plan to avoid a middle-class tax increase. republicans are demanding more spending cuts. >>> and just as millions of americans shop online, rely on their gifts to be shipped by the holidays, the biggest seaports in the country are at a virtual standstill. union workers at the los angeles and long beach terminals are on strike. protesting outsourcing of jobs. 40% of all u.s. imports come through those terminals. negotiations are set to resume today. >>> very unusual scene just south of there, in san diego. an out-of-control truck slammed into a fire hydrant, sending water shooting cinematically 30 feet into the air. like a geyser. the truck actually plowed into a bar, leaving a gaping 11-foot hole in the wall. thankfully, no one was hurt. >>> now, here's diane sawyer, with a preview of tonight's "world news." diane? >> josh, great to talk to you on this friday. happy weekend to everyone on "gma." and coming up on "world news," please meet this young woman. i think you'll never forget her. an amazing story that teaches every one
latest plan to avoid a middle-class tax increase. republicans are demanding more spending cuts. >>> and just as millions of americans shop online, rely on their gifts to be shipped by the holidays, the biggest seaports in the country are at a virtual standstill. union workers at the los angeles and long beach terminals are on strike. protesting outsourcing of jobs. 40% of all u.s. imports come through those terminals. negotiations are set to resume today. >>> very unusual...
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Dec 4, 2012
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president obama wouldn't sign such a bill. a understanand the american peot support it. that's in all the polls in the press this morning. the american people are tired of budget-busting giveway is to ths to the wealthiest 2%. the american people want a balanced deal. it must be higher taxes on the richest of the rich. republicans would be wise to keep that in mind as negotiations move forward. we're willing to compromise but we also will not consign the middle class to higher tax bills twill millionaires and billionaires avoid all pain. i've been told that the leader of the democrats in the house will file today a discharge petition asking the speaker to bring the bill to the floor. now, all democratic house members, as far as i know, every one of them will sign this discharge petition. mr. president, we have heard republicans who in the house are willing to move forward. if every democrat signs this, we'll only need about 25 republicans to join. now, the american people should see that picture. with 25 republican votes -- 25 republican votes -- the middle class of amer
president obama wouldn't sign such a bill. a understanand the american peot support it. that's in all the polls in the press this morning. the american people are tired of budget-busting giveway is to ths to the wealthiest 2%. the american people want a balanced deal. it must be higher taxes on the richest of the rich. republicans would be wise to keep that in mind as negotiations move forward. we're willing to compromise but we also will not consign the middle class to higher tax bills twill...
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Dec 5, 2012
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putting forth the petition for the middle class tax cuts in the house. >> like that. >> stephanie: a little something for everybody this morning. here she is, jacki schechner for everybody. in the current news center. >> good morning, everybody! president obama is meeting with business leaders again today to talk about the consequences of going over the fiscal cliff. he's also claiming to call on congressional leaders to make sure we raise the debt ceiling without contention. the white house making the case that extending the bush tax cuts for the middle class is directly connected to the health of our businesses. companies need to know consumers will be able to spend and in his first post-election interview president obama again rejected the house republican counteroffer that is on the table. >> unfortunately the speaker's proposal right now is still out of balance. we're going to have to see the rates on the top 2% go up and we're not going to be able to get a deal without it. >> let's hope he sticks to it. >> g.o.p. leaders aren't only dealing with the president and congressional
putting forth the petition for the middle class tax cuts in the house. >> like that. >> stephanie: a little something for everybody this morning. here she is, jacki schechner for everybody. in the current news center. >> good morning, everybody! president obama is meeting with business leaders again today to talk about the consequences of going over the fiscal cliff. he's also claiming to call on congressional leaders to make sure we raise the debt ceiling without contention....
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Nov 29, 2012
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president obama won the issue. how can republicans oppose cutting taxes for 98% of the american people? that's what this is going to come down to if it goes beyond january 1st. and i think republicans are going to cave again if that happens. so the smart move is take taxes off the table. and then the only thing left is what will the president do on spending and entitlements. don't forget, wolf and paul, none of this tax talk has any impact on the sequester. unless they cut spending, we are still facing massive cuts to the pentagon, doctors and hospitals. taxes are a separate debate. solve it, settle it and then we can focus on spending before december 31st. >> hold your fire, paul. we're going to continue this conversation. we have more to talk about. should president obama back off plans to nominate susan rice, for example, as the next secretary of state? who are his other options? are republicans secretly plotting for one of their own? more with ari and paul when we come back. can i help you? i heard you guys can
president obama won the issue. how can republicans oppose cutting taxes for 98% of the american people? that's what this is going to come down to if it goes beyond january 1st. and i think republicans are going to cave again if that happens. so the smart move is take taxes off the table. and then the only thing left is what will the president do on spending and entitlements. don't forget, wolf and paul, none of this tax talk has any impact on the sequester. unless they cut spending, we are...
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Nov 29, 2012
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. >> and barack obama is going to say to mitt romney, can you help me out with republicans on this tax issue? he has no sway with republicans. by the way, this idea of bringing mitt romney into the obama administration is -- honestly, it's laughable. the guy ran against everything that obama stands for. >> it worked on the west wing. >> with all due respect as well, president obama -- this isn't coming from some right winger. you can take that out of your ears. it comes from reporters across capitol hill. president obama doesn't like doing these things. he doesn't like the personal interaction. and he certainly isn't one known to set aside his grudge. so i don't see any place for mitt romney inside an obama administration. >> i still think it would be nice. wait a second. wait a second. i think it would be nice for symbolism sake, perhaps, if president obama and mitt romney came out after that luncheon and appeared before cameras, said a few things and walked away. wouldn't that be nice, roland? >> no, no. >> come on. yes, it would. >> no, it wouldn't. no, it wouldn't. first of all, wh
. >> and barack obama is going to say to mitt romney, can you help me out with republicans on this tax issue? he has no sway with republicans. by the way, this idea of bringing mitt romney into the obama administration is -- honestly, it's laughable. the guy ran against everything that obama stands for. >> it worked on the west wing. >> with all due respect as well, president obama -- this isn't coming from some right winger. you can take that out of your ears. it comes from...
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president obama gave republicans an early christmas gift. his budget proposal. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st, that's a scrooge christmas. >> and republicans aren't going to be returning to gift as taxing and spending climbs off the fiscal cliff is inevitable. and secretary of state susan rice, the ambassador still getting a ton of support from the white house, but benghazi it seems may not be the only blemish on her record. we'll tell you the only one. >> clayton: plus, baby jesus benched and frost if i the snowman, i don't remember him at the nativity. and "fox & friends" hour four, are we in hour four already? time flies when there's food around. ♪ >> welcome to "fox & friends," everybody, december 1st, which means there's an elf on the shelf loose in my house. >> clayton: i've got up on the shelf. >> dave: first appears on december 1st. >> clayton: what's the appeal of elf on the shelf, and keep the kids in line. >> dave: the elf comes from the the nor
president obama gave republicans an early christmas gift. his budget proposal. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st, that's a scrooge christmas. >> and republicans aren't going to be returning to gift as taxing and spending climbs off the fiscal cliff is inevitable. and secretary of state susan rice, the ambassador still getting a ton of support from the white house, but benghazi it seems may not be the...
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Nov 30, 2012
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but -- >> the middle-class tax cut should be made permanent. >> president obama stayed out of the fiscal cliff discussions and sat down for lunch with former rival mitt romney. >> i am sure they will or have already compared experiences on the campaign trail. >> today president obama hits the road to push for his plan to avoid the fiscal cliff. but republicans have slammed him for campaign-style politics that they say just won't get the job done. rob and sunny, back to you. >> can you really imagine that they're not going to reach some sort of deal to avoid the fiscal cliff? i mean that would be so unpopular across the nation. >> you would -- if you can take an action that would solve the problem for 98% of the country and then come back to the debate about the wealthiest 2%, let's get that first chunk done. republicans fear they could lose leverage if they cave in on the middle-class issue. apparently the president, his team has made increased demand here including, a provision now, part of the negotiations where, the congressional control over the debt limit would go away. and congress
but -- >> the middle-class tax cut should be made permanent. >> president obama stayed out of the fiscal cliff discussions and sat down for lunch with former rival mitt romney. >> i am sure they will or have already compared experiences on the campaign trail. >> today president obama hits the road to push for his plan to avoid the fiscal cliff. but republicans have slammed him for campaign-style politics that they say just won't get the job done. rob and sunny, back to...